Governance & Derivative

Nikola Corporation (NasdaqGS: NKLA, NKLAW) f/k/a VectoIQ Acquisition Corp. (NasdaqCM: VTIQ, VTIQW, VTIQU)

Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Nikola Corporation (NasdaqGS: NKLA, NKLAW) f/k/a VectoIQ Acquisition Corp. (NasdaqCM: VTIQ, VTIQW, VTIQU).

On September 10, 2020, Hindenburg Research published a report alleging that evidence showed the Company was “an intricate fraud built on dozens of lies.”  Subsequently, it was reported that the Company was the subject of probes by both the U.S. Securities and Exchange Commission and the Justice Department. Then, on September 21, 2020, the Company announced the sudden resignation of Founder and Executive Chairman, Trevor Milton.

Recently, the Company disclosed that its internal investigation had found that Milton had made several “inaccurate” claims about the Company’s business and products.

The Company has been sued in several securities class action lawsuits for failing to disclose material information, violating federal securities laws, which have been consolidated and remain ongoing.

KSF’s investigation is focusing on whether Nikola’s officers and/or directors breached their fiduciary duties to Nikola’s shareholders or otherwise violated state or federal laws.

If you have information that would assist KSF in its investigation, or have been a long-term holder of Nikola shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or fill out the form on this page.